Federal Reserve calls for industry input on payments security

A task force set up by the Federal Reserve is calling on the payment and banking industry for comments on its efforts to enhance payment identity management, data protection and information sharing related to payments risk and fraud. The Secure Payments Task Force has set up an online survey to gather views which will go towards its plan to ensure “solutions being pursued will meet industry needs”. The survey is open until November 8.

One thought on “Federal Reserve calls for industry input on payments security”

Biggest opportunity is for banks to adopt strong authentication internally and encourage its use by customers. Most big banks offer a string authentication option to customers but fail to promote its use.

It is worth noting that in the JPM breach one percent of their servers were breached; they were the ones to which strong authentication had not yet been deployed. It works.

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